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EBRD approves loan for Lukoil Overseas within Shah Deniz project

The European Bank for Reconstruction and Development has approved a loan of 200 million dollars for the Lukoil Overseas Shah Deniz Ltd ("LSD") within the Shah Deniz gas and condensate field development project in Azerbaijan, according to the Bank's report.

Total Shah Deniz Stage 1 extension and modernisation project cost estimate is 2.128 billion dollars, according to the EBRD's data. LSD stage 1 project cost estimate is 212.8 million dollars.

SOCAR to commission new well at large field in Caspian Sea

SOCAR will commission the second production well at Umid gas condensate field in the Azerbaijani sector of the Caspian Sea soon, a source in SOCAR said.

"The drilling operations have been completed," a source said. "This will allow commissioning the well in the near future. The design depth of the well was 6,500 meters."

Kazakh Rozhkovskoye oil and gas condensate field is under testing

Kazakh Rozhkovskoye oil and gas condensate field at the Fedorovskiy block is under testing, Kazakh KazMunaiGas Exploration Production company said.

"Drilling of three pre-salt wells (U-11, U-26, U-24) at Rozhkovskoye field ...was completed in 2013. Production testing of U-11 well resulted in a flow rate of 156,000 cubic meters per day of gas and 152 cubic meters per day of condensate. As announced, the production testing of U-26 well resulted in a flow rate of 239 thousand cubic meters per day of gas and 247 cubic meters per day of condensate. The third well is expected to be tested in the first half of 2014," the company said.

Kiev prepares access agreement on CIS pipelines for import of Turkmen gas

Ukraine hopes for the resumption of direct gas deliveries from Turkmenistan after signing an agreement on access to pipeline transportation of the CIS countries in May 2014, Ukrainian media reported.

'Ukraine hopes that the access agreements will be ready for signing on May 30, 2014 at a meeting of the CIS government heads to be held in Kiev ', the Business TV portal said.

According to a decree of the Ukrainian Cabinet of Ministers, a corresponding paragraph is found in the plan of measures to ensure the presidency of the Ukraine in the CIS in 2014.

Ukraine considers that the contract on a free CIS trade zone will fully work and there is a paragraph concerning the CIS fuel pipeline system to be considered.